Class A ordinary share, par value $0.0001 per share

MoonLake Immunotherapeutics

DORFSTRASSE 29, ZUG, V8, 6300

Item 5(a) is hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by each person named herein is based on 71,727,875 Shares outstanding as of February1, 2026, which is the total number of Shares outstanding as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2026. As of the date hereof, (i) BVF beneficially owned 8,302,735 Shares, representing percentage ownership of approximately 11.6% of the Shares outstanding, (ii) BVF2 beneficially owned 6,599,722 Shares, representing percentage ownership of approximately 9.2% of the Shares outstanding, (iii) Trading Fund OS beneficially owned 1,039,238 Shares, representing percentage ownership of approximately 1.4% of the Shares outstanding, and (iv) 59,589 Shares were held in the Partners Managed Account, representing percentage ownership of less than 1% of the Shares outstanding. BVF GP, as the general partner of BVF, may be deemed to beneficially own the 8,302,735 Shares beneficially owned by BVF, representing percentage ownership of approximately 11.6% of the Shares outstanding. BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 6,599,722 Shares beneficially owned by BVF2, representing percentage ownership of approximately 9.2% of the Shares outstanding. Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own the 1,039,238 Shares beneficially owned by Trading Fund OS, representing percentage ownership of approximately 1.4% of the Shares outstanding. BVF GPH, as the sole member of each of BVF GP and BVF2 GP, may be deemed to beneficially own the 14,902,457 Shares beneficially owned in the aggregate by BVF and BVF2, representing percentage ownership of approximately 20.8% of the Shares outstanding. Partners, as the investment manager of BVF, BVF2, Trading Fund OS and the Partners Managed Account and the sole member of Partners OS, may be deemed to beneficially own the 16,001,284 Shares beneficially owned in the aggregate by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account, representing percentage ownership of approximately 22.3% of the Shares outstanding. BVF Inc., as the general partner of Partners, may be deemed to beneficially own the 16,001,284 Shares beneficially owned by Partners, representing percentage ownership of approximately 22.3% of the Shares outstanding. Mr. Lampert, as a director and officer of BVF Inc., may be deemed to beneficially own the 16,001,284 Shares beneficially owned by BVF Inc., representing percentage ownership of approximately 22.3% of the Shares outstanding. As of the date hereof, Mr. Loy beneficially owned 18,985 Shares, which consist of Shares issuable upon the exercise of certain options that are exercisable within sixty days hereof, representing percentage ownership of less than 1%. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any Shares owned by another Reporting Person. BVF GP disclaims beneficial ownership of the Shares beneficially owned by BVF. BVF2 GP disclaims beneficial ownership of the Shares beneficially owned by BVF2. Partners OS disclaims beneficial ownership of the Shares beneficially owned by Trading Fund OS. BVF GPH disclaims beneficial ownership of the Shares beneficially owned by BVF and BVF2. Each of Partners, BVF Inc. and Mr. Lampert disclaims beneficial ownership of the Shares beneficially owned by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account. Mr. Loy disclaims beneficial ownership of the Shares reported herein that he does not directly own.

Item 5(b) is hereby amended and restated to read as follows: Each of BVF, BVF2 and Trading Fund OS shares with Partners voting and dispositive power over the Shares each such entity beneficially owns. BVF shares with BVF GP voting and dispositive power over the Shares beneficially owned by BVF. BVF2 shares with BVF2 GP voting and dispositive power over the Shares beneficially owned by BVF2. Each of BVF GP and BVF2 GP shares with BVF GPH voting and dispositive power over the Shares each such entity beneficially owns. Trading Fund OS shares with Partners OS voting and dispositive power over the Shares beneficially owned by Trading Fund OS. Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares they may be deemed to beneficially own with BVF, BVF GP, BVF2, BVF2 GP, Trading Fund OS, Partners OS and BVF GPH and held in the Partners Managed Account.

Item 5(c) is hereby amended and restated to read as follows: On March 31, 2026, (i) BVF sold 1,932,354 Shares at a price of $16.79 per Share, (ii) BVF2 sold 1,569,116 Shares at a price of $16.79 per Share, and (iii) Trading Fund OS sold 248,530 Shares at a price of $16.79 per Share. Except as set forth herein, none of the Reporting Persons has entered into any transactions in the securities of the Issuer during the past 60 days.